#1 Austin Board of Realtors Team 2024#1 Austin Board of Realtors Team 2024
Prime opportunity for an owner-occupant seeking a highly functional commercial building with exceptional visibility in the city limits of Caldwell. This 7,200 SF freestanding facility sits on the prominent corner of Hwy 21 and Gray Street, offering strong exposure and easy access for customers, clients, and deliveries. The property includes approximately 1,000 SF of finished office space featuring 3 private offices, a conference room, reception and waiting areas, kitchenette, full bathroom, IT closet, and a dedicated shop-manager workspace, suitable for day-to-day business operations. The 4,720 SF heated and cooled shop/warehouse is fully spray-foam insulated and designed for efficiency, with five bay doors, a mezzanine for storage, and multiple power stations suitable for equipment, fabrication, or service operations. Flexible layout supports a wide variety of business types, from trades and service companies to light manufacturing or distribution. Move-in ready and positioned in a high-traffic corridor, this property offers the perfect combination of professional office space and functional shop capacity for a growing business.
Property Type
Commercial Sale
Year Built
1978
Lot Size
0.43 acres
Garage
7 spaces
Listed by Armstrong Properties
Verified property facts
406 N Gray ST is in Downtown Austin, Austin, Texas. See the full [Downtown Austin neighborhood guide](/neighborhoods/downtown-austin) for market data, schools, and lifestyle details.
406 N Gray ST is a Commercial Sale built in 1978 featuring 0 bedrooms, 0.43-acre lot.
406 N Gray ST is presented by the Keenan Group at Compass Real Estate, the #1 Austin Board of Realtors Team (2024) with 1,000+ career transactions and $1B+ in career volume across Austin's luxury market.
With 20% down ($125,000) on a 30-year fixed mortgage at approximately 6.75%, the estimated monthly payment for 406 N Gray ST is around $4,389 including principal, interest, and estimated taxes. Actual payment varies by rate, down payment, insurance, and HOA fees.
At $625,000, 406 N Gray ST is in the Downtown Austin market where there are currently 15 active listings in 77836. For a detailed market analysis, see our [Downtown Austin guide](/neighborhoods/downtown-austin).
#1 Austin Board of Realtors Team. Over 1,000 successful transactions with high-end expertise.
25+ years advising buyers and sellers in this community
Property Details
Flooring
Construction
Foundation
Parking
Listing timeline with current price, original ask, and market time.
20% ($125K)
$625,000
Luxury property intelligence
A sourced read on Downtown Austin pricing, timing, and property scale. No automated valuation claim.
List price
$625,000
Price per sqft
Not available
Vs. Downtown Austin median
-28.6%
$875K median
Days on market
209 days
Original to current
$25K reduction
$650K original
Active inventory context
Ask for current inventory
Price Position in Downtown Austin
Listed 29% below the Downtown Austin median
Source: MLS Grid / Unlock MLS and Keenan Group review as of Jun 22, 2026.
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#1 ABOR Team 2024 with $1B+ career sales volume
406 N Gray ST was built in 1978 (48 years ago). Buyers should budget for potential updates to major systems.
Answers use visible listing facts, school context, and neighborhood data available on this page. Verify time-sensitive details before making decisions.
Downtown Austin is one of Austin's established neighborhoods in the 77836 area. The Keenan Group has specialized in Downtown Austin real estate for 25+ years with 1,000+ career transactions. Contact (512) 415-7653 for current market conditions and available homes.
Source: Keenan Group at Compass Real Estate, #1 Austin Board of Realtors Team (2024)
Best Match
Balanced against price, location, and layout so nearby lookalikes rise first. Similar properties in N/A
Neighborhood guide and local insights
Downtown Austin runs from the Colorado River north to the Capitol, bounded by I-35 to the east and Lamar to the west. It is the densest residential market in Central Texas with high-rise condos, historic lofts, and luxury towers concentrated in distinct sub-districts. The Seaholm District anchors the west end with the Seaholm Residences and the new Google tower reshaping the skyline. Rainey Street sits along the lake's north shore - what was a street of bungalow bars is now flanked by 40-story residential towers including 70 Rainey and The Lakeshore. The Warehouse District between 3rd and 6th Streets draws buyers who want walkable nightlife and restaurant access. Congress Avenue bisects downtown and remains the civic spine connecting the Capitol to the lake. The Austonian (56 floors), The Independent (58 floors), and 360 Condominiums are the marquee towers. Newer projects like Sixth & Guadalupe and The Republic continue adding inventory. Price points range from $400K studio condos to $5M+ penthouses with lake and Hill Country views. Walk Score averages 95+. The MetroRail Red Line stops at downtown station. Major employers including the State of Texas, UT Austin, and a growing tech presence (Google, Meta, Apple satellite offices) generate consistent housing demand. Nightlife, dining, live music, and Lady Bird Lake hike-and-bike trail are all within walking distance. Buyers here are typically professionals, empty nesters downsizing from suburban estates, investors, and out-of-state relocations drawn to Austin's urban core. HOA fees range from $400/month in older buildings to $2,000+ in full-service towers. Most buildings include concierge, pool, fitness center, and secure parking.
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